Terra is now the second-largest proof-of-stake platform, surpassing Ethereum 2.0, Cardano and other popular blockchains
Terra has become the second-largest proof-of-stake platform, according to data provided by Staking Rewards (behind only Solana).
The total percentage of eligible LUNA tokens that are being staked currently stands at 41.35%.
The total dollar value of all tokens participating in staking has surpassed the $30.1 billion mark.
The Ethereum 2.0 contract comes in third place with $28.4 billion worth of staked tokens.
Cardano and Avalanche are in fourth and fifth places, respectively. Their staked value stands at $22.5 billion and $18.7 billion. Polkadot and BNB Chain have $12 billion and $7.8 billion.
Staking is the process of locking away one’s tokens in order to receive rewards. The current annual yield on Terra is around 6.98%.
cardTerra offers higher rewards compared to Solana (5.84%), Ethereum 2.0 (4.81%) and Cardano (5.22%). Yet, its annual yield is substantially lower compared to Avalanche (9.19%) and Polkadot (13.84%).
The price of the LUNA token has surged roughly 90% over the past week, vastly outperforming Bitcoin.